Abstract This article discusses concepts of income underlying in accounting. Accounting may seem to be the reader of its literature that is mainly concerned with either the capital statement itself or with the sum available for dividends as determined by two capital elements. The use of no-par stock in the nineteen-twenties, brought two new practices; one was that of crediting to stock account a sum which was less than the full consideration received for newly issued shares; this sum is the so-called "stated capital" and takes the place of the usual credit to capital stock or the full consideration for the shares issued. The other new practice was that of crediting a part of the paid-in assets to a so called paid-in surplus account. Bookkeeping has given quantitative expression to various aspects of profit ever since income and expense accounts have been used, and that has been at least for five hundred years. Managerial policies can be made effective through costs and quantitative measures that are translated into action.

Introduction, 37.— Establishment of import quotas in the United States, 39.— Administrative provisions, 44.— Size of quotas, 47.— Effects of import quotas, 51: (1) Quotas which were not filled, 52; (2) Tariff quotas which were filled, 54; (3) Absolute quotas which were filled, 54.— Conclusions, 62.

I. Quantitative bases of the gold problem, 581. — II. Alternative policies: (1) Automatic adjustment of gold costs and prices, 590; (2) Limitation of gold production, 591; (3) Maintenance of present policies, 592; (4) Reduction in the dollar value of gold, 592. — III. Conclusion: Immediate steps, 601.

Reviews the book "Introduction to Cost Accounting," by Norman Lee Burton.

Abstract The executive committee of the American Accounting Association prepared and distributed in June 1936, a Tentative Statement of Accounting Principles underlying corporate financial statements. The committee attempted to set forth some of the bases upon which accounting statements rest. It was hoped that their publication would arise discussion and that a more comprehensive formulation will develop. The statement is an attempt to formulate theory, which will explain facts of accounting practice. The committee did not attempt to cover every phase of accounting theory. They limited themselves to special problems of the preparation of financial statements of the private corporation. Moreover they treated only three aspects of corporation accounting, which they classify as: the determination of costs and values; the measurement of income and the differentiation of capital and surplus. The entire statement consists of twenty propositions. Many accounting practitioners and writers have argued that it was illogical to use discounted future income as the basis of accounting valuation.

Reviews the book "Statistical Analyses of Industrial Property Retirements," by Robley Winfrey.